Bill Text: NY A01000 | 2019-2020 | General Assembly | Introduced

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Bill Title: Establishes a tax credit for personal property replacement as a result of bedbug infestation; credit of 15% not to exceed $750; certification determined by commissioner.

Spectrum: Partisan Bill (Democrat 8-0)

Status: (Introduced - Dead) 2020-01-08 - referred to ways and means [A01000 Detail]

Download: New_York-2019-A01000-Introduced.html

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                STATE OF NEW YORK
        ________________________________________________________________________
                                          1000
                               2019-2020 Regular Sessions
                   IN ASSEMBLY
                                    January 14, 2019
                                       ___________
        Introduced  by  M.  of  A. L. ROSENTHAL, TITUS, RIVERA, PERRY, COLTON --
          Multi-Sponsored by -- M. of A. CRESPO, GLICK, JAFFEE -- read once  and
          referred to the Committee on Ways and Means
        AN  ACT  to  amend the tax law, in relation to establishing a tax credit
          for personal property replacement as a result of bedbug infestation
          The People of the State of New York, represented in Senate and  Assem-
        bly, do enact as follows:
     1    Section  1.  Section  606  of  the  tax law is amended by adding a new
     2  subsection (jjj) to read as follows:
     3    (jjj) Personal property replacement credit. (1) General. An individual
     4  taxpayer shall be allowed a credit against the tax imposed by this arti-
     5  cle equal to fifteen percent of qualified personal property  replacement
     6  expenditures, and not to exceed seven hundred fifty dollars.
     7    (2) Qualified personal property replacement expenditures. (A) The term
     8  "qualified  personal  property  replacement expenditures" means expendi-
     9  tures made for the  replacement  of  personal  property  due  to  bedbug
    10  damage.
    11    (B)  Such  qualified  expenditures shall include but not be limited to
    12  furniture, rugs or other home goods that may be damaged by bedbug infes-
    13  tation.
    14    (C) Such qualified personal property  replacement  expenditures  shall
    15  not include interest or other finance charges.
    16    (3)  Certification for credit allowance. The commissioner shall deter-
    17  mine the procedure for certification for the credit authorized  pursuant
    18  to this subsection.
    19    § 2. This act shall take effect immediately and shall apply to taxable
    20  years  beginning  on  and after the first of January next succeeding the
    21  date on which it shall have become a law.
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD02644-01-9